Our Team Is At Your Side When Life Changes

Should you accept the insurance company’s settlement offer?

On Behalf of | May 26, 2023 | Personal Injury |

Insurance companies are often quick to offer settlements to people. However, it may not always be wise to accept this offer. Most of the time, accepting a settlement will give you less money than if you wait and negotiate with the company.

Here are some tips to help you get the maximum amount of benefits for your personal injury case.

Why do insurance companies offer settlements?

It will probably surprise you to receive a settlement offer quickly from an insurance company. However, they do this to try to catch you before you realize the full extent of your losses, so you take a lower offer.

What should you do if you have an offer?

Obviously, you are probably going to want the money from a quick settlement. However, you should never accept an offer until you have a professional review it.

When should you accept the offer?

Only accept an offer once your doctor has released you from your treatment. You will not know the extent of your injuries and medical care costs until you have finished treatment. Additionally, after your doctor releases you, you may have a permanent impairment rating, which will increase the amount the insurance company owes you.

What are delay tactics?

On the other hand, some insurance companies, such as workers’ compensation providers, can do the exact opposite of a settlement. They can ignore your claim or delay it. Often, they will do this so you will get to a point where you need the money and are willing to accept a lower settlement amount.

Take the time to negotiate your case. After all, you deserve complete compensation for your losses due to an injury.